Technical Analysis: BTC, ETH, NEAR, ADA, FTM and AVAX (June W1)
Trading Analysis

Technical Analysis: BTC, ETH, NEAR, ADA, FTM and AVAX (June W1)

8 месяцев назад

With SEC targeting the crypto industry, let's see which giant took the least hit!

Technical Analysis: BTC, ETH, NEAR, ADA, FTM and AVAX (June W1)

Содержание

In this week’s analysis, we will stick to the 4-hour time frame to keep the analysis precise!

BTC/USDT

For Newbies

Considering our previous analysis, it seems like it was a good idea to be cautious in the market, as Bitcoin dipped lower and hit the $25k level before bouncing back to ~$26k.
BTC bounced from the price support at $25,300. We need to see bulls pull the price back to $28,000 to ascertain their strength. The coin bounced from the zone we had marked as a crucial support level last week.

For Experts

The support ($25,300) that we had marked in last week’s analysis was the exact zone of reversal after Bitcoin plunged below $26,000. The bulls stepped in at the right time as this support was very crucial.

What’s next?

The price saw a reversal after the RSI dipped into the oversold zone. The RSI has recovered since and could be ready for another sell-off (not financial advice). It would be safer for traders to maintain caution at the moment.

Also Read: A Complete Guide to Death Cross and Golden Cross?

ETH/USDT

For Newbies

ETH has once again been relatively stronger than BTC.
It is back, trading above the resistance at $1,830. The next price ceiling can be seen at $1,905. Once this resistance is taken out, we can expect a strong move (not financial advice).

For Experts

Even though BTC has hit a low, ETH has risen since our previous analysis. This shows that ETH is clearly stronger at the moment. Seems like the coin might test the resistance at $1,905 soon, which, if taken out, could push the price to $2,000.
However, if the support at $1,825 is broken, the price could plunge to $1,790. At the time of writing, it is looking like the bulls are in control (not financial advice).

Also Read: Breakout vs Fakeout (False Breakout) — Spot the Difference and Increase Accuracy

NEAR/USDT

For Newbies

In our previous analysis, we ascertained that NEAR would remain until it is able to flip the resistance (price ceiling) at $1.8. The price, once again, fell sharply to hit a new low at $1.43.

For Experts

We had expected NEAR to test the $1.45 support level soon in last week’s analysis. This week, the price tested the support after a sharp sell-off. NEAR continues to hit a new low every week, therefore, it is better to maintain caution until some strength is seen (not financial advice).

Also Read: What Is Fundamental Analysis in Cryptocurrency and Stocks?

ADA/USDT

For Newbies

The resistance at $3.7 was briefly reclaimed by ADA. However, the bears proved to be too strong, resulting in the price falling to $3.4. This is a very crucial level, thus traders must be very careful.

For Experts

ADA almost broke the long-term resistance at $3.7. As the resistance was too strong, the bulls were not able to sustain the breakout. The price soon plunged to $3.4 and has not shown any signs of reversal. If this level is broken, expect a strong sell-off to $0.32 (not financial advice).

FTM/USDT

For Newbies

FTM experienced a similar situation after it hit yet another low this week. The bears have taken complete control after the price pierced through the $0.30 level. Traders should continue steering clear of FTM until a strong reversal is seen (DYOR).

For Experts

FTM continues to be the worst-performing coin in this list this week after it fell by over 10%. The price has breached the $0.30 level and is now down to the $0.20 zone. The bulls are nowhere to be seen, and it does not look like the situation will change anytime soon (not financial advice).

AVAX/USDT

For Newbies

AVAX has been trading sideways since last week, thus the overall analysis would remain constant. We need to see a break of the price ceiling at $15 to see some bullish action (do your own research).

For Experts

The price has recovered back above the support at $14 and is looking to test the next supply zone at $15 this week.

Also Read: What Is Crypto Options Trading?

Summary

A quick recap of all the coins:

  • BTC touched the $25,000 mark.
  • ETH has performed relatively stronger than other giants.
  • NEAR has to break resistance.
  • ADA hit a new low.
  • FTM is experiencing the biggest decline in this list.
  • AVAX traded sideways.

Remember that this is all based on the subjective views of the writer and should not be construed as financial advice. As always, DYOR!

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